8 Best Franchises for Retirees (And How to Pick One)

Michael Nicholas / Franchising / October 21, 2022

It’s a tale as old as time. The initial excitement of retiring tends to wear off for retirees after as little as a year. And then the boredom sets in.

Especially now that people can retire at an earlier age, many still have lots left to give when they retire. They miss earning money, exercising their mind, connecting socially, and contributing to society. Many people combat this by picking up an extra hobby. Others start to travel more often or maybe begin volunteering. But what if you could enjoy all those things while also earning an income and creating a legacy that can be passed on?

Starting a franchise after you retire is the perfect way to combat those retirement blues. In fact, retirees might be some of the best-suited franchise owners out there. So, we’ve rounded up some of the best franchises for retirees to get you thinking about your next professional adventure!

Why Is Franchising a Good Fit for Retirees?

There are many reasons why we think that purchasing a franchise is a genius move for seniors who are looking for more. Not only has everything you’ve accomplished and learned so far in life going to help you excel as a franchise owner, but the working conditions in many franchises will allow you to still enjoy a slower pace of life.

The main reasons why we think retirees make excellent franchisees:

  • Industry know-how: Just because you’ve retired doesn’t mean that your experience won’t carry over to a potential franchise. You can match your expertise from your previous career with a related franchise which will give you a massive head start running your business. This is especially true for those who held some sort of leadership role in their previous position.
  • Existing business connections: Whatever your previous career was, there’s no doubt you’ve created a valuable network that will help you excel in your franchise endeavor. This help can work both ways, as well. There are many potential franchises out there that will allow you to assist other business owners.
  • Access to investment costs: Retirees are much more likely to have the capital needed for a franchise’s initial investment. Typically, the cost to open a franchise ranges from $10,000 to $300,000 to get started. However, just because you have savings doesn’t mean you need to spend it all on franchise startup costs. There are plenty of great franchises for seniors on the lower end of that scale.

The main reasons why we think franchises are a match made in heaven for retirees:

  • Chance to leave a legacy: Buying a franchise for retirees is not only a second career but also an investment for you and your family’s future. By creating a profitable business later in life, you’re developing a lasting legacy that you can hand down to your family, securing their financial futures even after you’re gone.
  • Head start on success: Starting a business this late in life becomes a little less daunting with a franchise because you have a head start on success. Franchises have a proven business name, brand, marketing, and success. Plus, franchisors offer training and assistance in getting the business up and running.
  • Stay productive: They say to “use it or lose it,” and the same goes with our minds. One of the biggest complaints of retired seniors is that they want activities to help them stay energetic and mentally alert. Operating a franchise will have you continue to use your mind and likely your body as well. It’s a great way to stay healthy as you age.

What to Look For in a Franchise for Retirees

Franchises offer a tried-and-true business method and support from the parent company. But not all franchises are created equal, so it’s essential to do your research before making a decision. Here are some things to look for when considering a franchise for retirees:

  • Part-time or passive franchises: Sure, there are many franchises for retirees that may require a lot of hands-on work, but there are just as many that you can run with a part-time schedule or from home. Once your business is operational, you can still have the freedom to travel when you please, spend time with family, or do any other post-retirement activities you enjoy.
  • Contemplate risk factor: Not all franchises come with the same level of risk. You’ll want to consider how risky a franchise is by studying the success rates of other franchisees. While some may have more predictable success rates, there is always a chance that a business won’t be successful. No one wants to gamble away their life savings after they retire, so consider the risk carefully.
  • Relating to your work experience: If you choose a franchise related to your previous career, you’ll save a lot of time. You won’t have to learn the ins and outs of the business from scratch. Although this isn’t an absolute requirement, it can make your life much easier.
  • Relating to a hobby: Some people may have had enough of their previous career path and are looking to switch it up. Considering a franchise that has to do with a hobby may also be an excellent option for you. While you still have general knowledge of the industry, you haven’t already dedicated years of your life working in it.

The Best Franchises for Retirees

1. P3 Cost Analysts: Best for Former Business People

  • Minimum cash required: $59,500
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

A cost reduction franchise with P3 Cost Analysts is the best franchise for retirees who worked in the business world and made tons of connections in various industries. Whether you worked in sales, financial advising, accounting, or any other business roles, you would make the perfect candidate for a cost reduction franchise.

With P3, you’ll be able to reconnect with your network and offer them verifiable ways to save money through their business operations. For every dollar you save your clients, you’ll create a stream of income for yourself. What better way to spend your retirement than helping other business owners while running your own and creating a legacy for your family?

2. Tutor Doctor: Best for Former Teachers

  • Minimum cash required: $70,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available from the company

While you don’t have to have experience teaching to buy a Tutor Doctor franchise, it is the best franchise for retirees with educational experience. Your desire to help others will help you connect talented tutors with students who need a little extra assistance through one-on-one tutoring.

Tutor Doctor offers plenty of support to retirees in getting their tutoring business off the ground through comprehensive training and ongoing support. With the option to work entirely at home and scale your business to multiple territories, it’s a no-brainer for your post-retirement franchise.

3. Liberty Tax: Best for Former Tax Advisors

  • Minimum cash required: $50,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available from the company

If you’ve retired from a career of crunching numbers and really miss exercising your brain every day, a post-retirement job running a tax services franchise is perfect. Liberty Tax is one of the best accounting franchise opportunities for retirees.

The low startup costs mean that seniors won’t have to dip too far into their retirement savings to buy into this franchise, a huge bonus point for our financially literate seniors. In addition, Liberty Tax allows you to scale your business how you see fit and provide a service to your local community.

4. Home Helpers Home Care: Best for Former Medical Professionals

  • Minimum cash required: $48,900
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

The best franchise for retirees who worked in the medical field or simply have a passion for caring for others is Home Helpers Home Care. Our nation’s population is aging, and many seniors are able to live independently for longer, although they might need some in-home care. Home Helpers Home Care gives you the chance to own a business with a mission that matters by helping seniors continue to live on their own for as long as possible.

Home Helpers Home Care has made this franchise attractive to retirees with low initial investment costs and comprehensive training. Plus, they’ve seen two decades of record-breaking growth, and senior care can be considered a recession and pandemic-proof business.

5. The Brass Tap: Best for Former Hospitality Professionals

  • Minimum cash required: $250,000
  • Work from home: No
  • Training provided: Yes
  • Financing assistance: Available through a third party

For our retirees looking for a franchise that will keep them feeling young and spritely, The Brass Tap is there for you. It’s one of the best franchises for retirees who spent years in the hospitality industry or for someone who has always dreamed of having a bar to call their own.

The Brass Tap is one of the most affordable franchises in the industry, thanks to its simple business model. Staffing requirements are small, and once you’ve hired a trustworthy management team, the business won’t require that much of your time and attention. Many franchisees have so much fun with the pub that they open multiple locations.

6. HomeVestors of America: Best for Former Real Estate Agents

  • Minimum cash required: $39,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

If you have a past in real estate or have always wanted to join the team behind “We Buy Ugly Houses,” HomeVestors of America is right up your alley. As the number one real estate home-buying franchise in the county, they offer intensive training, including personal coaching in buying, renovating, and selling homes.

Real estate investing is a great way to secure your retirement by establishing extra revenue streams. The experts at HomeVestors will help guide your way so you can start building equity in real estate properties right away. HomeVestors is the best franchise for retirees who want to stay active in their communities and create passive income for themselves and their families.

7. Care Patrol: Best for Former Social Workers

  • Minimum cash required: $50,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

Social workers with a knack for helping people through some of the most challenging moments of their lives with tact and grace will truly excel as franchise owners with Care Patrol. This senior living advisor opportunity is one of the best franchises for seniors who want to help other seniors.

The demand for assisted living will continue to grow rapidly through the next decade, and finding the right place to call home in this stage of life can be challenging. Care Patrol will give you the training to help seniors get the care they need while getting paid by the institutions that will house them.

Start a Franchise Based on Your Established Connections Today

If you’re considering buying a franchise after retirement, there’s no need to start over from scratch. Instead, it makes the most sense to choose a franchise that you can profit off of the network that you have built throughout your first career.

A cost reduction franchise with P3 Cost Analysts gives you the chance to have meaningful and positive effects on other businesses by saving them money. A franchise with P3 means creating a rewarding business, a steady income, and a lasting impact on your community.

If you’re interested in starting a P3 Cost Analysts franchise, contact us today at 1-877-843-7579 or fill out the form on our franchising page, and we will answer any questions you have about the process and opportunity.

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